Hungary, known for its rich culture and natural beauty, has been experiencing a decline in job vacancies in recent years. According to the Hungarian Central Statistical Office (KSH), the end of the second quarter of 2023 saw a staggering drop of 19 per cent in job vacancies, with approximately 80,000 vacancies. This challenges the current job market for locals and foreign workers alike. The number of unemployed people in the country has reached an approximate figure of 202,000, showing a significant gap between job demand and supply.
This decrease in job vacancies has been attributed to educational, occupational, and regional mismatches as reported by KSH. However, these challenges also mean that foreign workers who possess the demanded professions in Hungary may have a higher chance of obtaining a Hungarian work visa.
Specifically, sectors facing critical shortages in Hungary include metalworking, construction, sales and retail, manufacturing and production, and healthcare as per the 2022 EURES Report on shortages and surpluses. This creates a demand for skilled workers in various professional fields.
Others who are looking to work in Hungary must obtain a work visa, apart from citizens of the European Union and the European Economic Area. Prior to applying, individuals must secure a job offer and then apply for one of the four types of work visas, depending on the type of work or qualification they possess.
Earlier this year, the Hungarian Parliament approved a new legislation that established a new category of guest workers. This law allows workers from non-EEA countries to legally reside in Hungary for more than 90 days. However, authorities in this country have announced that they will only accept as many foreign workers as are necessary, to support the local workforce and not to reduce the significant influx of job seekers to Hungary.
The cost of living in Hungary is relatively affordable, with monthly living costs for one person estimated at €646.27 or 247,191.6 Hungarian Forint (Ft), excluding rent. The cost of rent varies depending on the location and the size of the apartment. For a family of four, monthly expenses are estimated at €2258.85 (Ft 863,990.3), with additional costs for rent for a three-bedroom apartment in the city center and outside the city center.
This provides an overview of the current job market and cost of living in Hungary for anyone considering working or living in this beautiful European country. With the right qualifications and a good understanding of the local job market, working in Hungary can be a fulfilling opportunity for many job seekers.
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